I import goods from the EU. Originally this was simply accounted for in my VAT return by adding the VAT to both the sales and purchase VAT figures when I completed the VAT return. How do I do this now?
If you import goods from outside the UK (EU/non-EU makes no difference unless you’re in Northern Ireland) then you may be able to use the “postponed accounting” mechanism that has been introduced for all imports and which works in a similar way to the old EU acquisitions mechanism. But it depends on many factors, such as how you’re doing your customs declarations, if you’re using a parcel operator who pays the VAT and import duty on your behalf, etc etc. you should probably speak to your accountant or your freight forwarder/parcel courier.
Hi Ian, importing isn’t the problem I’ve been doing that for a while now. It’s how I now have to enter the VAT into my accounts that is the problem with MTD.
Cheers
Pete
If you used postponed accounting at the point of import then this is one of the extra vat options at the bottom of the purchase editor in QuickFile which works the same way as EC acquisitions used to.
If you did not using postponed accounting then you’re paying the VAT at import time one way or another and should have some documentation (from HMRC or from your courier) that you can register as a purchase to claim the VAT back.
Great, that’s what I needed to know. Thank you.
This topic was automatically closed after 7 days. New replies are no longer allowed.